For the last few years, cardiology practices have experienced increasing administrative and overhead costs which have led to a substantial decrease in payment reimbursements for cardiologists. In recent times, cardiology practices have increased in size due to the evolving nature of this stream and the emergence of different ailments and their remedies. This has caused apprehension amongst practicing physicians as to how to evaluate and address the changes that are taking place or are being proposed. Hence, they rather pay attention to cardiovascular medicine than administrative or structural aspects of their practice.
Industry Fact File
The essential nature of the Cardiology industry has maintained demand and supported the industry expansion in the last five years. The increasing overhead costs and lack of interest in administrative activities have led to decreasing profit margins. The industry is pegged at $34 billion and annually it is slated to grow at the rate of two percent. It employs over two lakh people.
Tips to Increase Revenue
Cardiologists are usually compensated more than primary care physicians (PCPs) and generalist doctors. However, increasing overhead and administrative costs have resulted in decreasing profit margins. Let us look at a few points that cardiology practitioners can consider for increasing revenue:
1. Educating the physicians on coding rules: It is imperative for physicians to be properly educated on the coding rules to ensure under coding does not take place. At every level under coding happens it reduces the pay by about 50%. Physicians should keep a check on their reports and encourage discussions as to why this lapse occurs. This could add about $45,000 per year per physician on average. Actually, this increased revenue is for the work which has already been done by the physicians.
2. Developing a tracking system for denials: Payers, physicians or the back end staff should keep a check on the denials. The important aspect is to work the denials and not just book them. The reasons for denials need to be ascertained and they should be fixed. They should not assume that if the payer has denied the claim it must be correct. Physicians should have a knowledgeable person looking into this, one who is well aware of the rules and can appeal or fight for the correctly raised claims.
3. Monitoring scheduling of physicians: There should be a check on the number of patients a physician sees in a day. This should be compared to other practices and see if the physician is having fewer patients than others. If yes, then it needs to be checked as to how long is it taking for the scheduling process of new patients and if there are any irrelevant steps they need to obliterate.
4. Monitoring the referrals: Physicians need to keep a check as to how they are getting referred and if there is an increase or decrease in the footfall. Keep on talking to the referring physicians and get to know how they can improve.
5. Building a strong provider relation program: This will ensure that the practice retains its patients and referring physicians and pursuing new referral sources too.
MedicalBillersandCoders.com is a team of experts that work tirelessly to provide the best services to providers. They take care of the back-end activities for them. Cardiology practices would do well by tying up with such facilitators who can help them in increasing their revenues.